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Page 6 of 8
Getting the Most from Your IT System
5. Track Your Finances
Your IT system makes it easier to stay on top of your cashflow, spot problems early, and identify inefficiencies.
5.1 You can track incomings and outgoings with one or more spreadsheets.
- You can set up separate spreadsheets for your cashflow, sales ledger, purchase ledger and wages.
- If you keep these up to date, they provide an easy way to check the financial health of your business.
5.2 For more advanced reporting and extra flexibility, you should consider accounting software.
5.3 Online banking can simplify your day-to-day cash management.
- Online banking allows you to log in to your business bank account and see all transactions online.
- Online banking can reduce overheads in your business. For instance, you can save paperwork by paying outstanding invoices by BACS transfer instead of using cheques.
- Most UK banks now offer online banking as standard with their business bank accounts.
Labels: Reduce Costs
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